The Silicon Valley Business Journal is reporting that Rreef is looking to sell some 500,000 square feet of Sunnyvale office space, mostly in the Peery Park area. This represents about 10% of Rreef’s Sunnyvale holdings, and they may be doing it in part because of speculation about the outcome of the City’s development of the Peery Park Specific Plan. The buildings in question are already “mostly leased”, according to SVBJ.
I found this part particularly interesting:
Sunnyvale has seen the Valley’s strongest turnarounds in its commercial vacancy rate. Office vacancy plunged from a peak of 39.3 percent in the third quarter of 2010 to just 6.7 percent in the second quarter of 2013, according to Cassidy Turley, as tenants pushed out of the Peninsula and Mountain View took space there.